Finance For Strategic Procurement, Part I

Learn the procurement finance principles necessary for success


91 student reviews

Competency: Basic Finance
CEH's: 8


Do you understand precisely how your procurement work impacts your organization's financial performance? Is a lack of this understanding keeping you from earning the respect you deserve? After all, today's CEO's and CFO's expect procurement professionals to know how their work supports corporate goals and how to communicate in the language of finance.

You can quickly learn the financial principles you need to know for success in procurement today. Our highly personal and interactive online class "Finance For Strategic Procurement, Part I" will help you understand the ways that executives measure business performance and will help you apply this knowledge specifically to your procurement work. Your results will be believed by management and your contributions will be valued like never before!

This online class is part of the two-class "Finance For Strategic Procurement" Series. Part I focuses on understanding financial statements and measuring and communicating a procurement department's contribution to the organization. Part II focuses on how financial decisions are made and evaluating supplier health. You must complete Part I to be eligible to enroll in Part II.


You will learn:

  • Definitions that are vital to understanding finance
  • The standards that apply to financial reporting
  • How to create, update, and understand financial statements such as the income statement, balance sheet, and cash flow statement
  • Accounting concepts related to inventory, including the goals sought by senior management and how a procurement department can contribute
  • How negotiated discounts and freight charges are accounted for
  • The difference between direct and indirect expenses
  • How buying or selling on credit terms impact financial statements
  • Why some purchases involve depreciation and how to calculate both straight-line and accelerated depreciation
  • The financial implications of buying and maintaining capital assets
  • How to expertly manage working capital and improve cash flow through smart supply chain management<
  • How to select appropriate payment terms, taking various cash cycles into consideration
  • How to measure a procurement department's contribution to the organization's financial performance, including calculating cost savings and reconciling it with changes in expenses as reported on financial statements
  • Tips for reporting financial impact when purchasing volatile commodities
  • How to apply advanced cost savings reporting concepts, including reporting savings for mid-year deals and contracts where the volume and composition of the agreement changes.



How this online course works

  • You can start this on-demand course any time after you enroll; there's no pre-scheduled start date!
  • You progress through the course at your own pace, accessing easy-to-understand reading material, exciting exercises, optional multimedia, quizzes, and even a fun mid-term game!
  • You will have access to a friendly, expert instructor for any questions you may have!
  • You will learn best practices and processes designed so that you can apply your new skills in the real world!


To learn more about how full-length online procurement courses
from the Next Level Purchasing Association work, click on the short video below.



What are others saying about this course?

Fundamentals of Purchasing "If you are having challenges effectively communicating information bi-laterally with your Accounting Department this course will fine tune the understanding between Accounting and Purchasing. It is no secret that Purchasing and Accounting have their own thoughts on how business should be and actually do run. The Next Level Purchasing Association brings the two departments to the table and explains the verbiage that Accounting speaks and brings clear and concise information into the Purchasing world to better understand what Accounting is really saying and what they mean. Our departments now effectively communicate what the process is and how it applies to the company. We now understand the encrypted language that Accounting is speaking!"

Stephen Davis, SPSM, SPSM2
Sourcing Manager
Atlanta, Georgia, USA



Ready to enroll?

 

Interested,
but have a few questions?

If you enroll in "Finance For Strategic Procurement, Part I" on or before December 31, 2014, you will receive all of these bonuses:

  • Certificate of Completion! This purchasing certificate is sent to you by postal mail and is suitable for framing.
  • FREE printer-friendly, PDF version of the class material
  • FREE Purchasing Performance Measurement spreadsheet template
 
For immediate assistance, call our office at
+1 (412) 294-1990 and speak with a member of the NLPA Team, Monday through Friday from 8AM to 5PM Eastern US Time.

or


Click on the button below to submit your questions electronically and a member of the NLPA team will contact you within one business day.